FreeMarkets (86.02)

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Here is my VERY short commentary on why the Spanish bailout turned to a bust. After seeking a bailout, Greece then required bondholders to take a huge cut and the EU/IMF agreed. Would you want to be a bondholder of Spanish bonds when they may seek the same resolution.

MORALE HAZARD!

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Math is hard. To make it simple, talking heads like Krugman like to say things like (yes, I'm putting words in his mouth)"The tax rate in 1948 was 82% on the richest Americans and only 33% today. For people with taxable income up to $4,000 it was 16%. Today your first $12,000 of taxable income is only 10%."[more]

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I haven't blogged in quite some time. I like to be ahead of the curve and for some reason the issue of Iranian nuclear weapons hasn't been front page news in quite some time. Come the election, this will probably come back front and center since saber rattling seems to get Americans juiced up and will make Obama's re-election that much easier. [more]